Suffolk Downs developer commits $500 million to transform Revere's historic horse racing site

In a recent meeting of the Revere Zoning Sub-Committee, significant developments regarding the transformation of the former Suffolk Downs horse racing track were discussed, highlighting the ongoing revitalization efforts in the area. Since acquiring the site in February 2017, the city has seen a remarkable investment of approximately $500 million aimed at turning the once-abandoned track into a vibrant community hub.

The redevelopment has included the construction of essential infrastructure, parks, and the recently opened Amaya residential building, which features 475 units. This project alone has generated around 750,000 union construction hours and created approximately 375 jobs at peak construction times. The Amaya building is projected to contribute nearly $2 million in property taxes to the city this year, underscoring the financial benefits of the redevelopment.

Looking ahead, the developers announced plans to begin construction on a new hotel and another residential building, Portico, which will add an additional 475 units. The hotel, expected to feature a rooftop bar, is set to break ground in September 2025 and is projected to generate over $1 million in tax revenue for Revere, including property and meals taxes.

The overall tax contributions from the Suffolk Downs site have skyrocketed from less than $400,000 in 2017 to over $10 million as of early 2025. With the anticipated developments, this figure could rise to nearly $4 million annually, significantly bolstering the city’s finances.

The meeting also addressed the challenges posed by rising interest rates, which have impacted the timeline for the next phases of construction. However, the long-term vision remains clear: to fully develop the site over the next 10 to 15 years, potentially increasing annual tax revenues to over $70 million, which would play a crucial role in funding local initiatives, including contributions to the high school.

As Revere continues to evolve, the revitalization of Suffolk Downs stands as a testament to the city’s commitment to fostering growth and enhancing community resources. The ongoing projects promise not only to reshape the landscape but also to provide lasting economic benefits for residents.